In presentations regarding essential actions individuals should take regarding inheritance, emphasis is usually placed on drafting a will. This leaves unanswered what happens to assets that do not pass by will —so called non-probate assets.
Here are some important parts of your estate plan that should be reviewed.
There are good reasons why people want their estates to avoid probate, and a lot of ways to do it.
Whether you drew up a will recently or years ago, keep in mind it’s generally not something you can set and forget.
This is an important question to ask, because the answer could tell you whether you need to worry about estate taxes, beneficiary issues or probate concerns.
A will allows you to distribute your worldly goods, select a guardian for minor children and name an executor to carry out your wishes.